Store Credit Cards: What To Be Aware Of

by Lauren Beichner

Marketing Specialist


If You Like To Shop...

You probably can't even count the amount of times you have been offered a store credit card. With the holiday season right around the corner, businesses will be trying to sell their store credit cards even more. 

It's often a tempting offer, especially when you hear "save 20% off this purchase for signing up with our store credit card" and so on. But it’s never a good idea to sign-up at the store - that is even more true of store credit cards which come with countless risks!

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Risk #1: High Interest Rates

If you want a card with a good interest rate, you'll generally want to steer clear of a store credit card. If you get a store credit card, be prepared for high interest rates. We’re talking about a minimum of 20% APY*. 

Risk #2: Vague Terms and Conditions

If you're applying for a store credit card during checkout, you most likely won't have a lot of time to fully and carefully read the terms and conditions. It's so important to know exactly what you are applying for before you do it. 

Risk #3: Can Damage Your Credit Score

Now, keep in mind that store credit cards can either improve or damage your credit score, however, it depends on history, credit score and how you use the card. If you carry a high balance, have too many credit cards, and/or miss any payments, store credit cards can do major damage to your credit score. 

Last But Not Least

If you've done your research and decided that a store credit card is right for you, make sure you use it responsibly. Remember, it’s not the cards you have that can make a difference, but how you use them. 

Coastal Has The Credit Card For You! 

Personal or business, rewards or low rates, Coastal has any type of card you want.

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*APY = Annual percentage yield.